Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Banking and Housing Committee Year-End Recap and Next-Year Outlook
December 22, 2023
The U.S. Committee on Banking, Housing, and Urban Affairs issued a memo on the Committee's accomplishments of the past year, as well as priorities for the final year of the 118th Congress.
U.S. House of Representatives
Committee on Small Business
Chairman Williams Writes to President Biden Regarding Administration's Regulatory Agenda
December 22, 2023
U.S. House Committee on Small Business Chair Roger Williams (R-TX) wrote to President Biden regarding the administration's regulatory agenda and its impacts on small businesses.
Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury, IRS Release Guidance on Hydrogen Production Credit
December 22, 2023
The U.S. Department of the Treasury and Internal Revenue Service released proposed regulations on the Clean Hydrogen Production Credit established by the Inflation Reduction Act.
U.S. Department of the Treasury Releases Request for Information on Financial Inclusion
December 22, 2023
The U.S. Department of the Treasury has released a request for information to inform its development of a national strategy for financial inclusion.
Statement from Secretary Yellen on President Biden's Executive Order Taking Additional Steps With Respect to Russia's Harmful Activities
December 22, 2023
U.S. Secretary of the Treasury Janet L. Yellen issued a statement following President Biden's executive order further targeting Russian sanctions.
Federal Reserve Bank of New York
Entire Remaining Balance of Preferred Equity Returned by the Municipal Liquidity Facility and the Term Asset-Backed Securities Loan Facility
December 22, 2023
The Federal Reserve Bank of New York Municipal Liquidity Facility (MLF) and the Term Asset-Backed Securities Loan Facility (TALF) returned to the U.S. Department of the Treasury the entire remaining balance of preferred equity funds previously invested by Treasury in those facilities, following the repayment in full of each facility's remaining asset holdings. The MLF returned $2.9 billion to Treasury and TALF returned $145.5 million to Treasury.
Securities and Exchange Commission
Dean C. Metry Named Chief Administrative Law Judge at SEC
December 22, 2023
The Securities and Exchange today announced that Dean C. Metry has been named the agency's Chief Administrative Law Judge.
FINRA
FINRA Reminds Member Firms of Net Capital, Recordkeeping and Financial Reporting Requirements in Connection with Revenue Recognition Practices
December 22, 2023
FINRA issued a regulatory notice that provides guidance regarding potential compliance issues with respect to SEA Rule 15c3-1, SEA Rule 17a-3 and SEA Rule 17a-5 that may result from the misapplication of ASC 606.
FINRA Announces SFAC, Regional Committee and NAC Election Results and Appointments
December 22, 2023
FINRA issued a notice with results of the recently-held annual elections to fill vacancies on the Small Firm Advisory Committee, the Regional Committees and the National Adjudicatory Council.
Bank Policy Institute
Coalition of Financial Trades Warn Banking Agencies Materially Underestimated Basel Proposal's Economic Impact
December 22, 2023
The Financial Services Forum, the American Bankers Association, the Bank Policy Institute, and the Securities Industry and Financial Markets Association sent a letter to the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency in regard to the Agencies' proposed rulemaking that would substantially revise the capital requirements applicable to large banking organizations, and in particular to the Proposal's Impact and Economic Analysis.
International
Administration Changes
Vacancies
Office of the Comptroller of the Currency
- Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Phillip N Jefferson (sworn in September 13, 2023)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Governor Michelle W. Bowman (sworn in November 26, 2018)
- Governor Christopher J. Waller (sworn in December 18, 2020)
- Governor Lisa D. Cook (sworn in September 13, 2022)
- Governor Adriana D. Kugler (sworn in September 13, 2023)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
Federal Deposit Insurance Corporation – Martin Gruenberg (effective January 5, 2023)
- Vice Chairman Travis Hill (sworn in January 5, 2023)
- Director Jonathan McKernan (sworn in January 5, 2023)
- Director Michael Hsu (Acting Comptroller of the Currency)
- Director Rohit Chopra (Director of Consumer Financial Protection Bureau)
Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
National Credit Union Administration – Todd M. Harper (effective January 20, 2021)
Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)
U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)
Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)
PH Client Alerts
Click here to read more from our Coronavirus series.
Legislation/Legislative Updates
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), Enacted March 27, 2020.
Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.
Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.
Click here to view the full text of the Consolidated Appropriations Act, 2021, Enacted December 27, 2020.
Click here to view the full text of the American Rescue Plan of 2021, Enacted March 11, 2021.
Click here to view the full text of the PPP Extension Act of 2021, Enacted March 30, 2021.
Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.
